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Leggat McCall, Granite Secure Funding for East Cambridge Office Redevelopment
(Updated with additional information)
A joint venture of Leggat McCall Properties and Granite Properties has secured capital funding for the full redevelopment of 40 Thorndike, a 475,000-square-foot, 20-story project in East Cambridge, MA. Delivery is scheduled for fall 2023.
CBRE Global Investors will serve as the project’s equity partner on behalf of one of its investment funds. Bank OZK is the construction lender. JLL arranged the $300-million funding as capital markets broker and will continue to represent Leggat McCall and Granite as leasing agent.
“Our partnership with CBRE Global Investors and Bank OZK enables us to deliver truly exceptional, modern office space to the most innovative companies in this global hub of ingenuity,” said Rob Dickey, EVP and partner at Leggat McCall. “The building’s new terracotta and glass façade along with unencumbered 360-degree views will set the tone for a thriving block that also includes 48 new housing units, onsite childcare, retail and outdoor space.”
- ◦Development